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Feb 9, 2013
02/13
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and matt schaub eliminated the trade deficit -- could reduce the trade deficit by roughly 190 or $400 billion create between 2.2 m. 4.7 million jobs. doing that would increase manufacturing back to 11 million jobs. that's a big down payment, so i think one of the things we need to do is create demand. as we did in 1990s and didn't do in the last decade. just went to foreign sources. we need to shift the demand to domestically produced goods and the voters vote in the hiring of the mystic workers. manufacturing jobs are amongst the best, especially those without a college degree. high wages, good tendency, compared especially to other work in the economy. >> great, thanks. bruce, you work in washington d.c. at dupont. >> i mostly on a plane though. >> i'm just going to say -- in washington d.c., industrial policy is a dirty word, but if you go many other domestic way, while managing a city that practice is something that looks to me like industrial policy. they're picking and winners and losers in giving tax credits to specific companies and trying to build clusters. what's the best wa
and matt schaub eliminated the trade deficit -- could reduce the trade deficit by roughly 190 or $400 billion create between 2.2 m. 4.7 million jobs. doing that would increase manufacturing back to 11 million jobs. that's a big down payment, so i think one of the things we need to do is create demand. as we did in 1990s and didn't do in the last decade. just went to foreign sources. we need to shift the demand to domestically produced goods and the voters vote in the hiring of the mystic...
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Feb 13, 2013
02/13
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CSPAN2
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what's happened to the deficit? the annual deficit? 2008 deficit was $458 billion. too much money, yes, but deficit in 2013, $1.3 # trillion. what's the problem? ladies and gentlemen, i suggest to you that we have a spending debt crisis, not a revenue debt crisis. you got to make the right diagnosis. to put it in a little greater context. we spend $3.6 trillion as a nation as a whole each year, $3.6 trillion, about $2.5 trillion of that is medicare, medicaid, social security, and interest on the debt, those four things. the entire federal government, the rest of the entire federal government, everything, everything, post office, roads, transportation, justice, education, energy, defense, everything else is about a trillion dollars. you all just heard what the deficit was last year, $1.3 trillion, meaning that you could do away with the entire federal government with the exception of medicare, medicaid, social security, and we wouldn't even balance the budget. that's the magnitude of the challenge that we have. it's incumbent upon us to come up with solutions, positi
what's happened to the deficit? the annual deficit? 2008 deficit was $458 billion. too much money, yes, but deficit in 2013, $1.3 # trillion. what's the problem? ladies and gentlemen, i suggest to you that we have a spending debt crisis, not a revenue debt crisis. you got to make the right diagnosis. to put it in a little greater context. we spend $3.6 trillion as a nation as a whole each year, $3.6 trillion, about $2.5 trillion of that is medicare, medicaid, social security, and interest on...
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Feb 5, 2013
02/13
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CSPAN2
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change in deficits on the alternative fiscal scenario. it's on the right income on page 33 just above the memorandum lines. and you can see on the far right side that that set of policies would add $2.088 trillion of deficits over the decade, it would be about $450 billion of debt service, so the deficit as hell would be about two and a half trillion dollars more. -- then we shall in the basement of the alternative scenario includes all of the pieces essentially of our previous alternative scenario that have not now been enacted in law or allowed to expire. so it includes the effect of this tax provisions are still scheduled to expire. it includes the effect of the sequestered, and it includes the effects of medicare payments to physicians. >> [inaudible] >> so i don't think there's a simple answer to the question about why more revenue will be collected. our income tax system left to its own devices will generally show over time and larger share of income being collected, impacts, because it would sometimes known as real bracket increase
change in deficits on the alternative fiscal scenario. it's on the right income on page 33 just above the memorandum lines. and you can see on the far right side that that set of policies would add $2.088 trillion of deficits over the decade, it would be about $450 billion of debt service, so the deficit as hell would be about two and a half trillion dollars more. -- then we shall in the basement of the alternative scenario includes all of the pieces essentially of our previous alternative...
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Feb 7, 2013
02/13
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CSPAN2
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as a matter of fact, now the deficit is -- the amount compared to our g.d.p. is cut in half. so we are making some inroads. i want to make sure i agree, i think democrats are not afraid at all to cut the budget where it's necessary. but you need to solve this problem with three types of moves. you got to cut the budget, deal with revenues, and invest in this economy for education, energy, and infrastructure. it's a three-prorng approach. nij who thinks you can only do one of these and magically a $16 trillion debt wirl val in-- will vanish overnight is in another world that doesn't exist on this planet. i appreciate the debate that goes on here but we need to be honest, realistic, practical, in dealing with these budgetary issues and they will be tough. people will not -- i can see them now, my town hall meetings when i go to them. sale say cut the budget which we will do. don't get me wrong. we will do that. but when i go back to that same town hall meeting they'll say i didn't mean that program. that will be the story. but the fact is we have serious issues we have to deal
as a matter of fact, now the deficit is -- the amount compared to our g.d.p. is cut in half. so we are making some inroads. i want to make sure i agree, i think democrats are not afraid at all to cut the budget where it's necessary. but you need to solve this problem with three types of moves. you got to cut the budget, deal with revenues, and invest in this economy for education, energy, and infrastructure. it's a three-prorng approach. nij who thinks you can only do one of these and magically...
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Feb 11, 2013
02/13
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CSPAN2
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[applause] not only did we eliminate the deficit, we created a surplus. this wasn't a republican accomplishment or a democratic accomplishment. it was an accomplishment we achieved together. the next year we used those surplus tax dollars wisely. we put some in our state savings account, increasing our reserve levels. we used some to increase funding for education, targeting reading and early childhood initiatives. we used a portion of the surplus to cut taxes, to create more jobs by curbing the double and triple taxation in construction and in manufacturing. and we provided a tax credit to help small businesses hire those who deserve jobs the most. our veterans returning from afghanistan and iraq. [applause] we have seen some encouraging signs in our economy. tourism is on the rise. with more growth in visitors to new mexico than was expected in arizona or colorado. we are building our state's strongest-ever relationship with new mexico border governors focusing on developing a border region near santa teresa creating jobs. major companies are once again
[applause] not only did we eliminate the deficit, we created a surplus. this wasn't a republican accomplishment or a democratic accomplishment. it was an accomplishment we achieved together. the next year we used those surplus tax dollars wisely. we put some in our state savings account, increasing our reserve levels. we used some to increase funding for education, targeting reading and early childhood initiatives. we used a portion of the surplus to cut taxes, to create more jobs by curbing...
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Feb 8, 2013
02/13
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fur the ideas out there on the issues we face deficit, debt, immigration reform. they're out there but sitting on think tanks gathering dust. what we can do is empower those idea to meet action and encourage folks in washington to put the idea in place and define the common ground that exists and build on it. >> and to all of the moms and dads in this audience, and to anyone who loved a child like i my love my kids who are 10 and 8. the good news, we have been working to bid build problem solvers group in congress. members who are republicans, democrats and independents alike are going to come together, meet regularly, build trust, and move us forward. whenever you are on the political spectrum, there's a place for you voice to be heard, if you have the attitude to solve problems. and no labels all of you and all of us are going to drive this home. [applause] >> you've heard about step one, which is all of you the nationwide grassroots organization. you've heard about step two, the problem solvers in the congress in the united states. now it's time to hear about s
fur the ideas out there on the issues we face deficit, debt, immigration reform. they're out there but sitting on think tanks gathering dust. what we can do is empower those idea to meet action and encourage folks in washington to put the idea in place and define the common ground that exists and build on it. >> and to all of the moms and dads in this audience, and to anyone who loved a child like i my love my kids who are 10 and 8. the good news, we have been working to bid build problem...
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Feb 11, 2013
02/13
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WTTG
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like the national institutes of health where you are hindering growth, you are not going to reduce the deficit. so what we do need is more revenue and more cuts. >> reporter: for senator john mccain, defense cuts are the most damaging. >> the world is very dangerous. i'm sorry, i'm a little emotional about this but the men and women serving in the military deserve better. the consequences are severe. it requires a bipartisanship. would i look at some revenue closers? maybe so, but we've already just raised taxes. why do we have to raise taxes again? >> reporter: national security also an issue. after last week's senate confirmation hearings for two key cabinet members. senator lindsay graham sear reed in again on the attack in benghazi, libya, angry after hearing president obama may not have followed up with his defense team after learning about the attacks. >> the american people need to know what their commander in chief, did if anything, during the attack. i don't think we should allow brennan to go forward for the cia director shirntion hagel to be confirmed as secretary of defense until t
like the national institutes of health where you are hindering growth, you are not going to reduce the deficit. so what we do need is more revenue and more cuts. >> reporter: for senator john mccain, defense cuts are the most damaging. >> the world is very dangerous. i'm sorry, i'm a little emotional about this but the men and women serving in the military deserve better. the consequences are severe. it requires a bipartisanship. would i look at some revenue closers? maybe so, but...
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Feb 10, 2013
02/13
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FBC
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. >> we got that cbo report this past week, 7 trillion dollar in additional deficit and factor in what that 600 billion dollars in tax hikes that the democrats did already push through and how does that balance things? but the point about baltimore is interesting because that's where this nation could possibly be headed. you continue to raise taxes and you don't cut spending and you wind up on the brink of bankruptcy, exactly where that city is. >> you know, ben, you say we're all eventually going to have to pay higher taxes, but as the only item in your play book how to fix your economy it doesn't seem like it's ever going to work. >> i keep thinking if taxes are so terrible, why don't we just have no taxes at all. why don't we pay for-- >> 100% taxes. >> why don't we have no taxes at all and why don't you not interrupt me for once? >> i can't help it. >> why don't we have no taxes at all and why don't we have some some balance in the budget. and for gosh sakes, we're grownup disciplined people and we're supposed to balance the budget not supposed to be like small children. >> okay, c
. >> we got that cbo report this past week, 7 trillion dollar in additional deficit and factor in what that 600 billion dollars in tax hikes that the democrats did already push through and how does that balance things? but the point about baltimore is interesting because that's where this nation could possibly be headed. you continue to raise taxes and you don't cut spending and you wind up on the brink of bankruptcy, exactly where that city is. >> you know, ben, you say we're all...
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Feb 5, 2013
02/13
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CURRENT
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so you're seeing a decline in the amount of deficit. the question is are the republicans really crying wolf when they continue to talk about blowing deficits when, in fact the measures that the president and congress have taken so far have actually caused the deficit to decrease. >> well, exactly. especially the last plan where we did have a balanced approach for once. but what speaker boehner has said is that the president got his revenue, and so there is not going to be a balanced approach any more. you know, when paul ryan put his budget forward last year it wouldn't have reached balance for 20 or 30 years. so as you're talking about a balanced budget in ten years the only way from their perspective to do that is absolute draconian cuts. when they're talking about reforms, you and i are very well aware that is just code word for taking medicare and turning it into a voucher. taking medicaid and turning it into a block grant which is another way of saying a significant cut to these programs that i believe are part of what makes us a g
so you're seeing a decline in the amount of deficit. the question is are the republicans really crying wolf when they continue to talk about blowing deficits when, in fact the measures that the president and congress have taken so far have actually caused the deficit to decrease. >> well, exactly. especially the last plan where we did have a balanced approach for once. but what speaker boehner has said is that the president got his revenue, and so there is not going to be a balanced...
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what would you call a deficit hawks or austerity pushers or whatever no i don't think they're unique but they're the most visible they have what they call a sovereign unit that looks at the credit ratings of governments and the head of that unit has been acting like a stopper in for quite some time issuing dictates the u.s. government and other governments about how the people should manage their own budgets so i think they've been very visible in this regard i mean i think that but the other thing to remember and particularly with the payback theory is you know i'm one of the few people who did the analysis on this but when they downgraded the u.s. back in two thousand and eleven the stock market didn't care at all there was no penalty for the united states government in that downgrade so i think that is you know they're not unique but there are two things different about them one is that they're very visible in talking about deficits and the government but number two is that thanks to the eleven subcommittee as senator carl levin in congress there's a great deal of documentation of
what would you call a deficit hawks or austerity pushers or whatever no i don't think they're unique but they're the most visible they have what they call a sovereign unit that looks at the credit ratings of governments and the head of that unit has been acting like a stopper in for quite some time issuing dictates the u.s. government and other governments about how the people should manage their own budgets so i think they've been very visible in this regard i mean i think that but the other...
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Feb 9, 2013
02/13
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. >> we got that cbo report this past week, 7 trillion dollar in additional deficit and factor in what that 600 billion dollars in tax hikes that the democrats did already push through and how does that balance things? but the point about baltimore is interesting because that's where this nation could possibly be headed. you continue to raise taxes and you don't cut spending and you wind up on the brink of bankruptcy, exactly where that city is. >> you know, ben, you say we're all eventually going to have to pay higher taxes, but as the only item in your play book how to fix your economy it doesn't seem like it's ever going to work. >> i keep thinking if taxes are so terrible, why don't we just have no taxes at all. why don't we pay for-- >> 100% taxes. >> why don't we have no taxes at all and why don't you not interrupt me for once? >> i can't help it. >> why don't we have no taxes at all and why don't we have some some balance in the budget. and for gosh sakes, we're grownup disciplined people and we're supposed to balance the budget not supposed to be like small children. >> okay, c
. >> we got that cbo report this past week, 7 trillion dollar in additional deficit and factor in what that 600 billion dollars in tax hikes that the democrats did already push through and how does that balance things? but the point about baltimore is interesting because that's where this nation could possibly be headed. you continue to raise taxes and you don't cut spending and you wind up on the brink of bankruptcy, exactly where that city is. >> you know, ben, you say we're all...
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Feb 6, 2013
02/13
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CSPAN2
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we all want to fix the deficit problem. there is no question about it. but i think when they look at this bill and understand what we are really facing, i do not believe that we will have a problem there. >> [inaudible question] [talking over each other] >> it is different great obviously, we have two different versions. the house has this attrition of the workforce that has been the component and we had a combination for every new positions, we had one and then two, and we can bind both so we are on the same page. the house proposal on the attrition and we have also added congressional papers on it as well for the civilian workforce. >> [inaudible question] >> i would certainly defer to others here and the chairman. there is a real urgency here. one of the reasons that the president and his administration during his campaign, they didn't actually want the law that requires you to notify workers that they may be laid off, essentially the department of labor says the defense employers didn't have to comply with that law, it's because they knew that once t
we all want to fix the deficit problem. there is no question about it. but i think when they look at this bill and understand what we are really facing, i do not believe that we will have a problem there. >> [inaudible question] [talking over each other] >> it is different great obviously, we have two different versions. the house has this attrition of the workforce that has been the component and we had a combination for every new positions, we had one and then two, and we can bind...
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Feb 8, 2013
02/13
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i call it the trust deficit. it's a little bit like the fiscal deficit, the deficit of another kind but equally corrosive when people of a sudden conclude the system doesn't work and they no longer believe in participating and engaging in the system. the system is only as good as those are willing to participate and engage so i think those are the two biggest threats on the horizon. we can read and use the system with a sense of enthusiasm and direction and energy. i have no doubt about that. and it all has to do with the amount of progress we expect out of congress and whether or not we are smart enough to put this problem solving coalition together which can achieve results. then beyond that, if we can enhance the believe devotee of congress through simple things like reorienting the schedule so as joe said more time is wasting traveling to and from your district and actually sitting in washington touring the work of the people coming and if we can do simple things like no budget, no pay if you can't create a b
i call it the trust deficit. it's a little bit like the fiscal deficit, the deficit of another kind but equally corrosive when people of a sudden conclude the system doesn't work and they no longer believe in participating and engaging in the system. the system is only as good as those are willing to participate and engage so i think those are the two biggest threats on the horizon. we can read and use the system with a sense of enthusiasm and direction and energy. i have no doubt about that....
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Feb 5, 2013
02/13
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. >> reporter: under the terms of earlier deficit deals, congress will find $85 million in reductions by march 1st. if not, they would shrink pentagon spending by 7.9% and domidwesting spending by 5.3% and medicare a 2% reduction. >> i believe they should pass a smaller package of spending cuts and tax reforms that would delay the economically damaging affects of the sequester for a few more mots until congress finds a way. >> reporter: the president wants to raise more money by ending tax loopholes, but republicans want deeper entitlement cuts. >> if we're going to connect with the american people, it's important that they see not only that we're serious about solving our debt problems. >> a studdie by george mason university estimated 448,000 jobs could be affected in d.c., maryland, and virginia. for months, defense contractors have pleaded for action. >> we would hope that congress would meet their obligations to us and to the public. >> reporter: virginia congressman frank wolf wrote to the president and speaker arguing the bipartisan plan would avoid sequestration and stop its w
. >> reporter: under the terms of earlier deficit deals, congress will find $85 million in reductions by march 1st. if not, they would shrink pentagon spending by 7.9% and domidwesting spending by 5.3% and medicare a 2% reduction. >> i believe they should pass a smaller package of spending cuts and tax reforms that would delay the economically damaging affects of the sequester for a few more mots until congress finds a way. >> reporter: the president wants to raise more money...
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Feb 11, 2013
02/13
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FBC
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what is an acceptable deficit in your view? >> it is one where you have, look, i look at it in a different way. i think you want to get us back to full employment, the restaurants fall, the shops full, the deficit will come down what we get to that sort of a situation. [talking over each other] >> i always say that blaming the deficit for our problems is like blaming the barometer because it records when someone has influenza. dagen: do you think that it has worked for us? you are happy with negative growth in the fourth quarter without no. absolutely not. they have been cutting and cutting and cutting. look at the uk, for example. we have had deficits that have actually been increasing. if you actually think that deficits are a problem, and i can understand the concern about debt out there, if you think it is a problem, did you have to have growth. dagen: some people think if you cut spending and more money will go to the private economy. i am saying that you can argue it both ways. >> when you have concrete examples in europe
what is an acceptable deficit in your view? >> it is one where you have, look, i look at it in a different way. i think you want to get us back to full employment, the restaurants fall, the shops full, the deficit will come down what we get to that sort of a situation. [talking over each other] >> i always say that blaming the deficit for our problems is like blaming the barometer because it records when someone has influenza. dagen: do you think that it has worked for us? you are...
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Feb 8, 2013
02/13
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CSPAN2
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but, you know, our -- the deficit is a big problem. think about it. [applause] our national debt $16.5 trillion, you think that's not a lot of money? i'll tell you what, count one number per second. you can't even do. once you get to $1,000 it takes you locker than a second. one number per second. do you know how long it would take to $16 trillion. 507 million years to get there. here is the parable, a family follows -- falls on hard time. dad loses the job or gets demoted and has five children. he comes to the five children and says we have to reduce your allowance. they're not happy about it. but he said, except for john and susan. they're special. they goat keep their allowance. we may give them more. how do you think that's going to go down? not too well. the same thing happens. enough said. what about our taxation system? so complex there's no one who can possibly comply to every. i want to get you for you, i can get you on a tax issue. that doesn't make any sense. what we need to do is come up with something that is simple. and when i pick up my
but, you know, our -- the deficit is a big problem. think about it. [applause] our national debt $16.5 trillion, you think that's not a lot of money? i'll tell you what, count one number per second. you can't even do. once you get to $1,000 it takes you locker than a second. one number per second. do you know how long it would take to $16 trillion. 507 million years to get there. here is the parable, a family follows -- falls on hard time. dad loses the job or gets demoted and has five...
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Feb 4, 2013
02/13
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MSNBCW
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that we need additional revenue, coupled with smart spending reductions in order to bring down our deficits. we can do it in a gradual way. when you look at these deductions that people are able to take advantage of, the average person can't take advantage of. the average person doesn't have access to cayman island accounts. so, we just want to make sure that the whole system is fair. >> all right, today is the day one in the new job for secretary of state john kerry, he got an early start over the weekend, he reached out to world leaders by phone, pledging to continue pushing for peace talks. >>> the senate armed services committee is expected to vote his nomination to senate. former white house press secretary robert gibbs was on meet the press, admitted that it wasn't hagel's finest hour. >> the disconcerting thing for anybody who watched it he seemed unimpressive and unprepared on the questions that quite frankly he knew was coming. i'm reminded three weeks into the first term of the president obama administration, treasury secretary timothy geithner gives a, the market dropped 382 poin
that we need additional revenue, coupled with smart spending reductions in order to bring down our deficits. we can do it in a gradual way. when you look at these deductions that people are able to take advantage of, the average person can't take advantage of. the average person doesn't have access to cayman island accounts. so, we just want to make sure that the whole system is fair. >> all right, today is the day one in the new job for secretary of state john kerry, he got an early...
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to pay down the deficit. and it should be used to potentially make our businesses more competitive. now, i think, is balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and senate are working towards budget proposals that i hope help reflect this balanced approach. having said that, i know that having a full budget may not be finished before march 1. unfortunately, that is the date my fear is a powerful automatic cuts also known as the silk was sure are scheduled to take effect. if congress cannot act immediately on a bigger package -- i believe they should at least pass a smaller package of spending cuts and tax reforms that would delight the damaging effects of the sequester for a few months. there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to ment
to pay down the deficit. and it should be used to potentially make our businesses more competitive. now, i think, is balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and senate are working towards budget proposals that i hope help reflect this balanced approach. having said that, i know that having a full...
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Feb 6, 2013
02/13
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WTTG
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congress must find $85 billion in deficit reduction somewhere by march 1st. otherwise, pentagon spending would shrink by 7.9%. domestic spending by 5.3% and medicare would take a 2% reduction. the president prefers an option that raises more money by closing tax loopholes. republicans want to stick with spending cuts only. a study by george mason university estimated that 448,000 jobs in d.c., maryland and virginia could be affected by automatic indiscriminate budget cuts. business leaders and local congressmen are concerned about the impact on our economy. >> and sequestration will hurt not only the defense side but the non-defense side. my committee funds the f.b.i. there will probably be furloughs at the f.b.i. there will be furloughs potentially at the national cancer institute, at nih. this thing has ramifications for defense and non-defense. >> reporter: the cuts were originally scheduled to kick in january 1st because congress couldn't grow on a broad package to reduce the deficit several times in 2011 and 2012 in excomping for republicans agreeing to
congress must find $85 billion in deficit reduction somewhere by march 1st. otherwise, pentagon spending would shrink by 7.9%. domestic spending by 5.3% and medicare would take a 2% reduction. the president prefers an option that raises more money by closing tax loopholes. republicans want to stick with spending cuts only. a study by george mason university estimated that 448,000 jobs in d.c., maryland and virginia could be affected by automatic indiscriminate budget cuts. business leaders and...
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Feb 6, 2013
02/13
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WUSA
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if there's no long-term agreement to reduce the deficit. those cuts would take a big bite out of military spending and domestic programs. including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> it was supposed to be just a vacant apartment building, but today an incredible fast moving fire killed two people who were living inside it. firefighters were hurt today while battling the blaze on r street and southeast. bruce johnson reports, squatters, not uncommon in our nation's capital. >> a motorist passing by was the first to see planes planes -- flames pouring out of the building. >> i don't know what happened. >> it took firefighters an hour to knock down the two- alarm blaze, but not before two of them had injured shoulders and a third firefighter injured an ankle. the news will get worse. two bodies were discovered in the fire. >> there's a possibility that they may have gone in there to get away from the environment. >> city officials say the unit was listed as vacant. that meant the two people found inside w
if there's no long-term agreement to reduce the deficit. those cuts would take a big bite out of military spending and domestic programs. including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> it was supposed to be just a vacant apartment building, but today an incredible fast moving fire killed two people who were living inside it. firefighters were hurt today while battling the blaze on r street and southeast. bruce johnson reports, squatters, not...
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Feb 6, 2013
02/13
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FOXNEWSW
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deficit reduction is not a priority. martha: the president believes the economy is getting back on track. so let the folks decide. stuart, thank you very much. gregg: according to the cbo. by the end of the year the federal debt held by the american people will be 76% of the gdp and it doesn't get much better from there. martha: the cbo also predicting unemployment will be with us for some time to come. here is the director of the cbo. >> under current law we expect the unemployment rate will remain above 7.5%. that would make 2014 the 6th year in a row with unemployment so high. the longest such period in 70 years. martha: the unemployment rate has been above 7% since december of 2008. and most recent monthly number ticked up from 7.9% from 7.8%. not a good trend. when you look at some of these numbers it makes it a tough argument for economic recovery. but the president remains convinced we are starting to see it. gregg: poverty is up. incomes are down. so the arrow is going the wrong way. in the meantime president oba
deficit reduction is not a priority. martha: the president believes the economy is getting back on track. so let the folks decide. stuart, thank you very much. gregg: according to the cbo. by the end of the year the federal debt held by the american people will be 76% of the gdp and it doesn't get much better from there. martha: the cbo also predicting unemployment will be with us for some time to come. here is the director of the cbo. >> under current law we expect the unemployment rate...
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Feb 12, 2013
02/13
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CSPAN
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eye 105
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so what's happened to the deficit, the annual deficit? 2008 deficit was $458 billion. too much money. yes. but $458 billion. deficit in 2013, 2012, $1.3 trillion. so what's the problem? ladies and gentlemen, i would suggest to you we have a spending debt crisis, not a revenue debt crisis. and you've got to make the right diagnosis. to put it in a little greater context. we spend about $3.6 trillion as a nation, as a whole each year, $3.6 trillion, about $2.5 trillion, $2.6 trillion is medicare, medicaid, social security and interest on the debt. those four things. the entire federal government, the rest of the entire federal government, everything, everything, post office, roads, transportation, justice, education, energy, defense, everything else is about $1 trillion. you all just heard what the deficit was last year. $1.3 trillion. which means we can do away with the entire federal government with the exception of medicare, medicaid and social security and we wouldn't even balance the budget. that's the magnitude of the challenge that we have. so it's incumbent upon
so what's happened to the deficit, the annual deficit? 2008 deficit was $458 billion. too much money. yes. but $458 billion. deficit in 2013, 2012, $1.3 trillion. so what's the problem? ladies and gentlemen, i would suggest to you we have a spending debt crisis, not a revenue debt crisis. and you've got to make the right diagnosis. to put it in a little greater context. we spend about $3.6 trillion as a nation, as a whole each year, $3.6 trillion, about $2.5 trillion, $2.6 trillion is medicare,...
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Feb 6, 2013
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it doesn't meet the entire deficit, if you will. they're losing $16 billion a year, and this is important. you've got to understand why they're losing it. the biggest reason they're losing so much money is because they, unlike any other government entity, they are forced to pay in advance for the retirement medical benefits of their retirees even before they retire. so as a result, that huge chunk of cash that they have to set aside is costing them a fortune and it is a huge drag on the postal service. second to that, yes, all of us are using e-mail and paying our bills online. and therefore first class mail has dropped off a cliff. however, package delivery has increased dramatically because you and i are shopping online and all of those packages are sent to our homes. so that's been up 14% over two years. so in the view of many, this is the postal service trying to force the hand of congress. congress has had this on their agenda for years and has failed to act, even though the postal service year after year after year comes out a
it doesn't meet the entire deficit, if you will. they're losing $16 billion a year, and this is important. you've got to understand why they're losing it. the biggest reason they're losing so much money is because they, unlike any other government entity, they are forced to pay in advance for the retirement medical benefits of their retirees even before they retire. so as a result, that huge chunk of cash that they have to set aside is costing them a fortune and it is a huge drag on the postal...
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the symbolic vote he detail how he would cut the deficit to avoid the automatic spending cuts next month. >> mr. president, you missed the deadline again. let's see your plan. let's show it to the american people and have the discussion about the proper way to manage down this debt and deficit. >> reporter: without a budget deal on march 1st so-called sequestration will force reductions in military training, cutbacks in operations, and layoffs of civilian pentagon employees plus civilian defense contractors. >> it's an idiotic management nightmare to try to run a complex sophisticated, long-term program when you have short-term, massive cuts. >> reporter: deep cuts also loom in social services. outgoing defense secretary panetta slammed democrats and republicans for their game of chicken. >> let's see how bad it can get in order to have the other party blink. >> reporter: some senate republicans today said push the deadline back seven months. but house speaker john boehner said in effect he will not blink. >> at some point, washington has to deal with its spending problem. i've watched t
the symbolic vote he detail how he would cut the deficit to avoid the automatic spending cuts next month. >> mr. president, you missed the deadline again. let's see your plan. let's show it to the american people and have the discussion about the proper way to manage down this debt and deficit. >> reporter: without a budget deal on march 1st so-called sequestration will force reductions in military training, cutbacks in operations, and layoffs of civilian pentagon employees plus...
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Feb 6, 2013
02/13
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now, under the terms of some of those previous budget deals, congress must now find $58 billion in deficit reduction either by raising revenue or closing tax loopholes by march 1st. medicare would take a 2% reduction. the president prefers an option that raises more money by closing tax loop hoalsz. republicans want to stick with spending cuts saying they've already done the revenue part. a study estimated 448,000 jobs in d.c., maryland and virginia could be affected by automatic budget cuts. the sequestration cuts are unpopular with both parties and there are concerns about the economic impact. >> our economy right now is headed in the right direction and it will stay that way as long as there aren't any more self-inflicted wounds coming out of washington. >> the sooner we solve our spending problem, the sooner our jobs problem will go away as well. >> reporter: you may remember these cuts were originally scheduled to kick in on january 1st because congress could not agree on a broader package for deficit reduction back in 2011 and 2012 in exchange for republicans agreeing to raise the de
now, under the terms of some of those previous budget deals, congress must now find $58 billion in deficit reduction either by raising revenue or closing tax loopholes by march 1st. medicare would take a 2% reduction. the president prefers an option that raises more money by closing tax loop hoalsz. republicans want to stick with spending cuts saying they've already done the revenue part. a study estimated 448,000 jobs in d.c., maryland and virginia could be affected by automatic budget cuts....
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Feb 5, 2013
02/13
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a blueprint would miss the deadline because the debate in washington over taxes, spending, and the deficit. it was supposed to be delivered to lawmakers yesterday. if you are worried about food safety the agriculture secretary tom vilsack says we need to cut back on a number of inspections on meatpacking plants unless congress can avoid the across-the-board spending cuts that take effect in march. he says the agriculture department is studying how to handlewhich could also impact nutritional programs and food safety research. we know we are in a housing recovery, but the d.c. market is on fire. i will have more on that in the next hour. live at bloomberg headquarters in new york, linda bell reporting for abc 7 news. back to you. >> thank you. we will see you shortly. 4:38 34 degrees at this hour. >> still ahead, a frantic scene in the heart of baltimore. a huge warehouse fire >> welcome back. 4:41 right now. beautiful. the washington monument. 34 degrees this morning. >> we are above the freezing mark. >> that's where we should be this time of year? >> we are working on it. we will been wa
a blueprint would miss the deadline because the debate in washington over taxes, spending, and the deficit. it was supposed to be delivered to lawmakers yesterday. if you are worried about food safety the agriculture secretary tom vilsack says we need to cut back on a number of inspections on meatpacking plants unless congress can avoid the across-the-board spending cuts that take effect in march. he says the agriculture department is studying how to handlewhich could also impact nutritional...
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Feb 11, 2013
02/13
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they're asking us to stop running deficits. they want us to learn these bad habits all over again. . 960 billion commitments and the same amount of payments. any director of a country with tell you that is economic suicide. you should not hide behind david cameron. you are faced with a choice between two opposing camps. he had made it clear what -- you have not made it clear what choice you will make. make the right choice. do not make the cameron option he wants to unravel the european union. you need to come out and say this to your fellow citizens. >> i want to thank you of for having got the budget treaty ratified in parliament. that is a good sign for europe. i looked long and hard. i do not see what happened to your euro growth pact. where have those gone? we are here to talk tand to negotiate. there are points who will not give ground on. there's the question of flexibility. we need a genuine flexibility between budgetary lines and years. that is how we have managed to run the budget properly in the context of austerity
they're asking us to stop running deficits. they want us to learn these bad habits all over again. . 960 billion commitments and the same amount of payments. any director of a country with tell you that is economic suicide. you should not hide behind david cameron. you are faced with a choice between two opposing camps. he had made it clear what -- you have not made it clear what choice you will make. make the right choice. do not make the cameron option he wants to unravel the european union....
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what would you call a deficit hawks or austerity pushers or whatever no i don't think they're unique but they're the most visible they have what they call a sovereign unit that looks at the credit ratings of governments and the head of that unit has been acting like a stopper in for quite some time issuing dictates the u.s. government and other governments about how the people should manage their own budget so i think they've been very visible in this regard i mean i think that but the other thing to remember and particularly with the payback theory is you know i'm one of the few people who did the analysis on this but when they downgraded the u.s. back in two thousand and eleven the stock market didn't care at all there was no penalty for the united states government in that downgrade so i think that is you know they're not unique but there are two things different about them one is that they're very visible in talking about deficits and the government but number two is that thanks to the eleven subcommittee as senator carl levin in congress there's a great deal of documentation of
what would you call a deficit hawks or austerity pushers or whatever no i don't think they're unique but they're the most visible they have what they call a sovereign unit that looks at the credit ratings of governments and the head of that unit has been acting like a stopper in for quite some time issuing dictates the u.s. government and other governments about how the people should manage their own budget so i think they've been very visible in this regard i mean i think that but the other...
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Feb 9, 2013
02/13
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listen to this. >> our deficit is a big problem. think about it. [applause] our national debt, $16.5 trillion. you think that's not a lot of money. tell you what, count one number per second, one number per second. you know how long it would take you to count to 16 trillion, 5,007 years. some people say, they say, well, that's not fair because it doesn't hurt guy who made $10 billion as much as the guy who made 10. where does it say you have to hurt the guy? he just put a billion dollars in the pot. you know, we don't need hurt him. >> amazing speech. move over, president obama, the doctor is in the house. joining me the author of "america the beautiful, a director of pediatric neurosurgery, dr. benjamin carson. doctor, that speech moved me deeply. what's been the reaction so far? >> the reaction has been overwhelming. we've been deluged with emails, with calls. 99.5% positive. >> sean: wow. >> that doesn't surprise me, because the way that i lay things out was really logical. it wasn't right wing, it wasn't left wing. it was just logic and common
listen to this. >> our deficit is a big problem. think about it. [applause] our national debt, $16.5 trillion. you think that's not a lot of money. tell you what, count one number per second, one number per second. you know how long it would take you to count to 16 trillion, 5,007 years. some people say, they say, well, that's not fair because it doesn't hurt guy who made $10 billion as much as the guy who made 10. where does it say you have to hurt the guy? he just put a billion dollars...
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Feb 11, 2013
02/13
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our deficit is over 9 inches. will we make up for that later this week? we will see what happens. there's still uncertainty for the new system expected on wednesday. we expect to see what the weather today. drying out by the afternoon. clearing expected overnight. the next system comes from the south. it could be a wintry mix before valentine's day. some morning rain today in miles, between 52 and 58. increasing clouds tonight, 32 to 30 eight. 50 cent partly cloudy on tuesday. wednesday, it's questionable. maybe a wintry mix. sunshine by the end of the week, 48 degrees on friday. that's the latest on the forecast. jamee, what do you have? >> a quiet start to the early morning commute. no major problems. seeing a lot of rain and road spray. don't be afraid. take it with confidence. 395 passing landmark towards the 14th street bridge, good. around the beltway through tysons annandale alexandria, good. greenway and the toll road, no problems to the beltway. in maryland, the rain is coming down a little harder in parts of the area. back to you. >> experts say there's a cyber security
our deficit is over 9 inches. will we make up for that later this week? we will see what happens. there's still uncertainty for the new system expected on wednesday. we expect to see what the weather today. drying out by the afternoon. clearing expected overnight. the next system comes from the south. it could be a wintry mix before valentine's day. some morning rain today in miles, between 52 and 58. increasing clouds tonight, 32 to 30 eight. 50 cent partly cloudy on tuesday. wednesday, it's...
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Feb 12, 2013
02/13
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there's a greater risk for substance abuse among people who have attention deficit hyperactivity disorder. compared to their counterparts who are not living with the disorder by age 15, 35 percent of those with the disorder reported using substances. whether or not there were being treated for the disorder didn't affect their use of substances. tom for over 75 years people have saved money with...ohhh... ...with geico... ohhh...sorry! director's voice: here we go. from the top. and action for over 75 years people have saved money with gecko so.... director's voice: cut it! ...what...what did i say? gecko? i said gecko? aw... for over 75 year...(laughs. but still trying to keep it contained) director's voice: keep it together. i'm good. i'm good. for over 75...(uncontrollable laughter). what are you doing there? stop making me laugh. vo: geico. saving people money for over seventy-five years. gecko: don't look at me. don't look at me. i remember the day my doctor said i had diabetes. there's a lot i had to do... watch my diet. stay active. start insulin... today, i learned there's somethin
there's a greater risk for substance abuse among people who have attention deficit hyperactivity disorder. compared to their counterparts who are not living with the disorder by age 15, 35 percent of those with the disorder reported using substances. whether or not there were being treated for the disorder didn't affect their use of substances. tom for over 75 years people have saved money with...ohhh... ...with geico... ohhh...sorry! director's voice: here we go. from the top. and action for...
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Feb 12, 2013
02/13
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CNN
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deficit reduction. what is the plan for-to-save social security and medicare for future generations. >> we can keep talking with the sxhour five hour and 15 minutes we have left on the program. thank you. >>> when does a shot that falls six feet short of the hoop count? may be the best shot we've every seen, that straight ahead. why not make the day unforgettable? with two times the points on travel, from taxis to trains. you'll be asking why not, a lot. chase sapphire preferred. there's more to enjoy. new griddle-melts to yourime usual breakfast sandwich. a lot more flavor. [ anouncer ] ihop's new griddle melts... made fresh and hot! hand crafted just for you. it's like a sexy sandwich. [ anouncer ] compare new griddle melts yourself. just $4.99. it's an epic breakfast sandwich. >>> welcome back, everybody. a high school basketball player could be changing the game when it comes to buzzer beaters, she sank what could be the best shot ever. jared greenberg joins us with today's bleacher report. >> take
deficit reduction. what is the plan for-to-save social security and medicare for future generations. >> we can keep talking with the sxhour five hour and 15 minutes we have left on the program. thank you. >>> when does a shot that falls six feet short of the hoop count? may be the best shot we've every seen, that straight ahead. why not make the day unforgettable? with two times the points on travel, from taxis to trains. you'll be asking why not, a lot. chase sapphire preferred....
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Feb 6, 2013
02/13
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the deficit's going down. this year alone, medicare, medicaid, social security and interest on the debt consumes every dollar that washington takes in. this is such a crisis, and it's growing. >> well, this whole idea that don't worry about the debt, you had a little tangle with the krugman a couple of weeks ago. this exposes how wrong the view is. don't worry about the debt because the debt has built to a large number what the congressional budget office is showing is that we're going to be paying a lot of money on that debt, and it's going to crowd out vital public services. and that's why we had to worry about the debt all along. and we didn't. now it's built up. now we're facing reality. i thought it was a little odd. the president said, well, we have to do something, but he didn't offer anything to do because the main part he played was two months ago, he said, let's make the tax cuts permanent, both sides, and now we see, well, you can't afford that. >> you talk about paul krugman -- >> that's what they
the deficit's going down. this year alone, medicare, medicaid, social security and interest on the debt consumes every dollar that washington takes in. this is such a crisis, and it's growing. >> well, this whole idea that don't worry about the debt, you had a little tangle with the krugman a couple of weeks ago. this exposes how wrong the view is. don't worry about the debt because the debt has built to a large number what the congressional budget office is showing is that we're going to...
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Feb 4, 2013
02/13
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if we are not out of the deficit that we lost. in terms of the system being skewed, if we are continually supporting a system where jobs go to the already employed and we are really not doing anything to foster the economic recovery that is going to benefit everyone in society, none of these laws and nothing that the national employment law project is advocating for says you have to fill open jobs with unemployed people. what we are saying is that qualified unemployed people should be allowed to compete on terms that are fair. that is good for all of us in an economic recovery. host: baltimore, md., just retired, go ahead. caller: i would like to say one thing before i say my question. i love c-span and i always want to make it through on a phone call and i am glad that i made it through. that being said, and by the way -- go ravens, we won the super bowl. my question is this. i live in baltimore city. the unemployment rate in baltimore city is unbelievable. the problem that you have is that not only are so many people unemployed,
if we are not out of the deficit that we lost. in terms of the system being skewed, if we are continually supporting a system where jobs go to the already employed and we are really not doing anything to foster the economic recovery that is going to benefit everyone in society, none of these laws and nothing that the national employment law project is advocating for says you have to fill open jobs with unemployed people. what we are saying is that qualified unemployed people should be allowed...
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Feb 8, 2013
02/13
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this deficit was not caused by our federal work force. you are not responsible for their deficit. [applause] >> we could talk about the policies of going to war and how we pay firt etc. but we have these large deficits and we need to deal wit. let me bring you up to date because the last time i was here was a little over a year ago and we were talking about the budget control act and how we had to deal with this deficit and how we were going to bring down discretionary domestic spending and how we were going to deal with longer term solution that is required to us deal with revenues and mandatory spending and i ask your understanding as we pass the budget control act. and at the we were analyzing a recommendation that came out of a presidential commission known as the boles simpson commission. that commission said we had to reduce the deficit by $4 trillion or $5 trillion to have sustainable growth in our country. take a minute and look at the progress that we've made since that last visit. simpson bowles which was generally recognized as a balance add proach, a bipartisan approac
this deficit was not caused by our federal work force. you are not responsible for their deficit. [applause] >> we could talk about the policies of going to war and how we pay firt etc. but we have these large deficits and we need to deal wit. let me bring you up to date because the last time i was here was a little over a year ago and we were talking about the budget control act and how we had to deal with this deficit and how we were going to bring down discretionary domestic spending...
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Feb 12, 2013
02/13
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reducing the deficit is important to all americans. how specifically will he get tonight to talk to what cuts need to be made? >> i think he will make at least three points. we have as ugly as it has been, we have cut the deficit and the majority of that has been through spending cuts. there have been rev you ins on the top 1%. he will make clear we need to go further to get the deficit reduction that we need to do and he will make a call for bipartisanship and compromise. he will be clear we need to do smart entitlement reform and having sensible savings. he will stress it has to be done in a balanced way that means you could raise some revenues through closing loopholes as part of tax reform and try to suggest that this type of bipartisan compromise where you focus on both spending cuts and revenues together. if we follow that path we can avoid the harsh impacts on the economy and shut down and threats of default that we think will only happen if people take an ideological position and say we can't have a single penny and all deficit
reducing the deficit is important to all americans. how specifically will he get tonight to talk to what cuts need to be made? >> i think he will make at least three points. we have as ugly as it has been, we have cut the deficit and the majority of that has been through spending cuts. there have been rev you ins on the top 1%. he will make clear we need to go further to get the deficit reduction that we need to do and he will make a call for bipartisanship and compromise. he will be...
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Feb 5, 2013
02/13
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we need to reduce our deficit and begin paying down our debt. but irresponsible across-the-board sequestration cuts are not the way to do it. i yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from michigan seek recognition? without objection, the gentleman is recognized for one minute. >> mr. speaker, america's manufacturing sector has played an invaluable role over the last century in propelling our economy and creating a strong and vibrant middle class. manufacturing continues to be a bright spot in our economic recovery. since 2010, the u.s. has added over a half a million manufacturing jobs. mr. kildee: that's progress. but in a time where millions of americans continue to struggle, we can and must do more. congress should be working every day to rebuild our economy and create good-paying jobs right here in america not overseas. that's why i support the make it in america agenda, which will strengthen manufacturing and rebuild our infrastructure. it will also m
we need to reduce our deficit and begin paying down our debt. but irresponsible across-the-board sequestration cuts are not the way to do it. i yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from michigan seek recognition? without objection, the gentleman is recognized for one minute. >> mr. speaker, america's manufacturing sector has played an invaluable role over the last century in propelling our economy...
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Feb 6, 2013
02/13
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we all want to fix the deficit problem. there's no question. but i think when they have a chance to look at this bill and understand what we're really facing, i don't think we're going to have a problem there. >> sir, how is this different from the proposal of a year ago? >> did we have the pay freeze? [laughter] >> it's different. obviously we had two different versions. the house as i understood it had the attrition of the work force that's in this component. in the senate last time we had a combination of -- instead of for every three positions that came open, only filling one. we had two and a combination of overall pay freeze across the federal government, for over a year. this is different. it combines both so we're on the same page. and we have the house proposal on the attrition and we've also added congressional pay freeze on it instead of the entire civilian work force. >> what makes you think that this time around, that speaker boehner's going to take up this proposal? >> i >> i would defer to others here and the chairman but there's
we all want to fix the deficit problem. there's no question. but i think when they have a chance to look at this bill and understand what we're really facing, i don't think we're going to have a problem there. >> sir, how is this different from the proposal of a year ago? >> did we have the pay freeze? [laughter] >> it's different. obviously we had two different versions. the house as i understood it had the attrition of the work force that's in this component. in the senate...
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Feb 9, 2013
02/13
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the final minute, the deficit down to 5 and smith misses in the lane. the battle for the rebound and tipping it in finally. the colonials full -- pull to within 3. the one-possession game and under a minute to g. four seconds left, gw down 3. the inbound bound to joe mcdonald and loses the ball. appears to be fouled and kroma unable to get the shot off and lonagan want wants the fall and doesn't get the foul and falls to 14th-rank butler, 59-56. >>> and hughet and george mason hosting the delaware blue hens in fairfax and starting in the first half. the patriots trailing by 5. allen gives to okalosha hitting the 3-pointer, the deficit down to two and that is as close as george mason gets. the second half, mason down 6 and jonathan arledge misses from the stop and there is no luck with the rebound. and ahead to -- forward with the dunk and falls to delaware, 79-72. >>> the tech square off today and the hokies, they would miss the first 10 shots. yes, i said that and scoring the first, seven minutes into the game. eric green down the lane, heaven -3, geor
the final minute, the deficit down to 5 and smith misses in the lane. the battle for the rebound and tipping it in finally. the colonials full -- pull to within 3. the one-possession game and under a minute to g. four seconds left, gw down 3. the inbound bound to joe mcdonald and loses the ball. appears to be fouled and kroma unable to get the shot off and lonagan want wants the fall and doesn't get the foul and falls to 14th-rank butler, 59-56. >>> and hughet and george mason hosting...
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Feb 5, 2013
02/13
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its record debts and deficits we would have a blueprint for spending. >> greta: it's the job and the law. i realize others before him going back to president johnson have ignored it, but the rest of it, we follow the law and do our job. why is this like it's okay to do it? there is no management when you don't meet these criteria? >> maybe because other than this show tonight, you look at a lot of pressure. it's a pattern, too. there are five other examples that i can point to that the president has not met a deadline. one is report how the sequester supposed to work, it's not done. they have missed most of their mid session reviews which is the midyear, mid-july deadline. they have also missed the chinese currency report and more recent the medicare trigger. you are supposed to have a proposal how to reform medicare. they ignored it. finally the regulatory agenda, two times a year, they put it off. finally issued two days before. >> greta: the house and senate signed a bill to suspend the debt ceiling until may. that is called suspending the debt ceiling, you raise the debt ceiling
its record debts and deficits we would have a blueprint for spending. >> greta: it's the job and the law. i realize others before him going back to president johnson have ignored it, but the rest of it, we follow the law and do our job. why is this like it's okay to do it? there is no management when you don't meet these criteria? >> maybe because other than this show tonight, you look at a lot of pressure. it's a pattern, too. there are five other examples that i can point to that...